# The Uncertificated Securities Regulations 1995, Regulation 28: New issues in uncertificated form


(1) A participating issuer may issue units of a participating security in uncertificated form to a person if, and only if, that person is a system-member.
(2) For the purposes of calculating the number of new units to which a system-member is entitled a participating issuer may treat a system-member’s holdings of certificated and uncertificated units of a security as if they were separate holdings.
(3) On the issue in uncertificated form of new units of a participating security, the participating issuer shall by issuer-instruction notify the Operator of the persons to whom the uncertificated units of a security have been issued and of the number of such units issued to each of those persons.

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Source: https://www.legislation.gov.uk/uksi/1995/3272/regulation/28 (the official version)
Page: https://openlegislation.uk/uncertificated-securities-regulations-1995/regulation-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.